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A new approach to attracting investment to Ukraine
December 8, 2010
Ukraine’s Cabinet of Ministers has adopted a concept for State Targeted Economic Program for developing investment activity over the next five years.
The State Agency for Investment and Growth has been designated the official manager of the program, which is expected to be run from 2011-2015. The main declared purpose of the program is to establish the conditions for spurring investment activity in order to modernize the real sector of the country’s economy and to thus ensure sustainable economic growth.
According to information provided recently by Ukraine’s Premier Mykola Azarov, as much as US $1 trillion will need to be attracted for the medium-term modernization of the domestic economy.
In addition to the basic state-funded industries, focus will be mostly on the development of alternative energy, construction, chemicals, light industry, and transportation and communication.
The idea is to overcome the main problems currently impeding greater investment flows by switching to an investment-innovative model of economic development while simultaneously providing incentives for private investment into operating businesses. The other aspect is to establish a balanced growth in public investment, developing investment markets, and expanding the necessary infrastructure.
Given the clear shift in the main geographic flows of foreign direct investment (FDI) and a steady decline in the volume of capital being invested into Ukraine’s economy from the US and UK, at the same time as capital flows from Western Europe, especially Germany, and Russia are gaining momentum, such a program could, among other means, provide favorable conditions for Ukrainian business to begin repatriating its capital and assets from offshore zones.
At this time, such places as Cyprus, the Virgin Islands and so on continue to figure as the main “investors” in the domestic economy. At the same time, the number of operating businesses in the country that are officially receiving FDI continues to grow.
Tags: investment
